NOS, SGPS, S.A. Public Company Registered Office: Rua Ator António Silva 9 Campo Grande 1600-404 Lisbon Share Capital: 5,151,613.80 Euros Registered in the Commercial Registry Office of Lisbon and Corporation no. 504 453 513

ANNOUNCEMENT Translation of the Portuguese Original (In the event of any discrepancy, the Portuguese Original shall prevail)

Lisbon, 29 September 2017 Today NOS and reached an agreement to develop and share infrastructure nationwide, enabling both operators to extend their commercial offers over the shared network as from the beginning of 2018.

The agreement encompasses reciprocal sharing of dark fibre in around 2.6 million homes, with each operator sharing an equivalent value in terms of investment. The partnership also applies to mobile infrastructure, with a minimum of 200 mobile towers to be shared.

By the end of 2018, have reached more than 4.4 million homes and will be able to provide Gigabit services .

This agreement represents a very important step in our commitment to Portugal and to the Portuguese people. With the expansion of our next generation fibre footprint and reinforcement of our mobile coverage, we will not only be fulfilling our commitment to invest and create conditions for Portuguese businesses to embrace the challenges of digital transformation, but we will also be providing Portuguese families with the best choice of commercial offers and service quality available. Miguel Almeida, CEO of NOS.

Both companies will retain the freedom to develop their respective commercial offers and technological solutions within the agreement, whilst guaranteeing complete independence and confidentiality of customer relationship and information management.

The partnership between Vodafone and NOS is particularly relevant at a time when Portugal is undergoing significant economic and social transformation, greatly supported by new technologies. Sharing this infrastructure promotes a more dynamic market, by creating more competition, provision of higher quality services and more choice, for a growing number of consumers and businesses.

This information is also available on Investor Relations website in www..pt/ir.

Lisbon, 29 September 2017

Contacts Maria João Carrapato Head of Investor Relations Email: [email protected] Tel.: +351 21 782 4725 Fax: +351 21 782 4735